So despite all taking your console's native video in and putting HDMI out, the three devices you've mentioned here are quite different in a number of ways.
Starting with the cheap converters, most of them don't upscale or even deinterlace: they just convert the console's video into something that HDMI can understand. If your TV can understand the resulting video signal, then this may be all you need. The biggest problem is that many newer TVs don't understand these signals anymore when you use HDMI or component video, and if they don't, then these cheap scalers won't give you any picture at all. When they do work, it won't be particularly better than a good component cable.
The RetroTINK is also not an upscaler, as least not as we typically think of upscalers (it does upscale 240p video to 480p, but that's as far as it goes). There are really two things this device can do. One is that it's good at converting the 240p resolution used by older consoles into 480p, which modern TVs understand, so it will work on TVs that can't handle the cheap converters. The other thing has to do with deinterlacing: HDTVs understand the 480i resolution used by older TVs, but have to deinterlace it to 480p before they can display it, and the way they do this is generally slow (which introduces lag) and optimized for movies (which looks bad when applied to games). The TINK cuts out that step by doing good, fast deinterlacing before the TV ever sees the image. The TV still has to upscale the image, but because it doesn't have to do the deinterlacing anymore, the end result often looks better, and it doesn't lag behind the audio.
The OSSC does the same things the TINK does, but it can also upscale the image. Its upscaler is optimized for gaming in a way that TVs can't really do with their own upscalers, so the result looks even better, though the TINK-to-OSSC jump is often not as big as the cheap-to-TINK jump.
tl;dr - Don't bother with cheap HDMI converters, especially if your TV is new: if component cables don't work with your TV then cheap converters probably won't either. The TINK is a good and widely compatible option that will probably satisfy most people. The OSSC can do a little better, but not everyone will be able to justify the price tag.